Emefiele’s suspension long foretold, but announcement unexpected - Prof. Uwaleke


File Photo: Suspended CBN governor, Godwin Emefiele with new naira notes

By Kadiri Abdulrahman

A financial expert, Prof. Uche Uwaleke, said the suspension of the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele was long foretold.

Uwaleke, a Professor of Finance and Capital Market at the Nasarawa State University, Keffi, said this in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja.

He, however, said that the announcement on Friday caught many Nigerians by surprise.

According to him, the President can not sack the CBN Governor, but he can suspend, which is what the he has done.

“Recall that Mr Sanusi Lamido Sanusi was equally suspended from office by the Jonathan administration.

“This suspension will mark an end to a turbulent era,” he said.

He said that Emefiele would be remembered for implementing big ideas such as the Anchor Borrower Programme, the RT200, the eNaira and a raft of interventions which helped to stimulate the economy during periods of economic recession.

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“To be fair, Emefiele, to a large extent, succeeded in ensuring financial sector stability, going by the prudential ratios.

“His forex demand management policies, especially the 41 items not qualified for forex, promoted import substitution, conserved external reserves and ensured relative stability in exchange rates.

“It would be unfair to blame him for the current high inflation rate since most of the causative factors are beyond the control of the CBN,” Uwaleke said.

He said that on the flip side, Emefiele would also be remembered for the currency redesign exercise which did not go down well with Nigerians.

He added that the CBN Ways and Means, which grew astronomically during his tenure also casted a dark spot on his legacy.

“His greatest mis-step was his attempt to join the list of presidential candidates.

“All said, I think Emefiele deserves some rest now,” he said.

President Bola Tinubu suspended Emefiele from office with immediate effect on Friday.

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